Which of the following best describes the relationship between economic freedom and the growth rate of real per capita Gross Domestic Product (GDP)?
What will be an ideal response?
Countries with more economic freedom tend to grow more rapidly than those that are less free.
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If real GDP declines in a given year, nominal GDP ________.
A. must also be increasing B. may either rise or fall C. must also be declining D. is likely to remain constant
Microsoft enjoyed the benefit of several barriers to entry, including all of the following except:
A) lock in and switching costs. B) patents and copyright protection. C) input barriers. D) network externalities.
If output is increased beyond the point where total profit is maximized,
A. marginal profit will be zero. B. marginal profit will be negative. C. marginal profit will be positive. D. MR > MC.
Suppose Rebecca needs a dog sitter so that she can travel to her sister's wedding. Rebecca values dog sitting for the weekend at $200 . Susan is willing to dog sit for Rebecca so long as she receives at least $175 . Rebecca and Susan agree on a price of $185 . Suppose the government imposes a tax of $30 on dog sitting. What is the deadweight loss of the tax?
a. the maximum value that Rebecca would pay for dog sitting b. the $30 tax c. the lost benefit to Rebecca and Susan because after the tax, Susan will not dog sit for Rebecca d. the lost benefit to Rebecca of being unable to hire a dog sitter because Rebecca is the one who would pay the tax